As there will be no requirement of filling physical forms under the new facility, the chances of errors that presently result in rejection of many applications will also not exist.
BSE has introduced iSIP, which will help the investors to set up a form of SIP (Systematic Investment Plan) without involvement of any documentation, the exchange said in a circular.
"...Simulation environment has been made available for the new functionalities," it added.
So far, MF distributors have the option to register only Exchange SIP (XSIP) for their clients which allows for ECS (electronic clearing service) payment route.
Under the paperless SIP facility, the investors would receive an e-mail for all the payment modes, including direct pay, nodal account, one time mandate and cheque, after the SIP.
SIP is an investment vehicle that allows investors to invest in small amounts periodically instead of lump sums. The frequency of investment is usually weekly, monthly or quarterly.
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